Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (NASDAQ: BKEP) (NASDAQ: BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced adjusted EBITDA of $19.8 million and $68.2 million for the three and twelve months ended December 31, 2011, respectively. This represents increases of $6.7 million or 51% and $9.1 million or 15% as compared to the three and twelve months ended December 31, 2010, respectively. An explanation of adjusted EBITDA, including a reconciliation of such measure to net income (loss), is provided in the section of this release entitled “Non-GAAP Financial Measures.”
The Partnership reported net income of $7.6 million on total revenues of $45.6 million for the three months ended December 31, 2011, compared to a net loss of $13.2 million on total revenues of $39.1 million for the three months ended December 31, 2010. For the twelve months ended December 31, 2011, the Partnership reported net income of $33.5 million on total revenues of $176.7 million, compared to a net loss of $23.8 million on total revenues of $152.6 million for the twelve months ended December 31, 2010. The Partnership’s financial results for the twelve months ended December 31, 2011 were impacted by non-cash gains of approximately $22.1 million related to the change in estimated fair market value of the embedded derivative related to convertible debentures that were redeemed in the fourth quarter of 2011 and the rights offering liability that was settled in the fourth quarter of 2011. For further information regarding the Partnership’s results of operations, please see the Partnership’s Annual Report on Form 10-K for the year ending December 31, 2011.
“Our financial results for the fourth quarter of 2011 reflect the successful completion of the recapitalization and resolution of predecessor litigation. The recent payment of a quarterly distribution on our common units is a significant achievement. Our first distribution since 2008, the payment is an indicator of the progress we have made to lay a foundation to support growth as we meet increased demand for our midstream services,” commented J. Michael Cockrell, Blueknight Energy Partners’ president and chief operating officer.
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